Cash savings at Digit are deposited at one or more FDIC-insured depository institutions (each a “Bank”) up to $250,000 per member per Bank.
Digit currently maintains member funds at six Banks: Chase, Wells Fargo, BBVA, Luther Burbank, Bank of America, and Axos. (Visit: fdic.gov.)
The funds are FDIC-insured on a “pass-through” basis. This means that each individual user's balance is protected by FDIC insurance, up to the limits established by the FDIC.